Reverse mortgage transfers not treated as capital transfers, preserving non recognition and loan tax exemption for senior citizens. Section 47(xvi) treats transfers of capital assets under a reverse mortgage scheme notified by the Central Government as not a transfer for capital gains purposes; it applies where the transferor is an individual and the transferee may be any person, with the capital asset typically being a residential house property. Loan amounts received by a senior citizen under the reverse mortgage are exempt from income tax under the applicable exemption provision.